Reports: Madoff closer to plea deal

NEW YORK (JTA) — Bernard Madoff appears to be moving closer to a plea bargain with federal prosecutors.

Madoff, who has admitted to orchestrating a massive Ponzi scheme that defrauded investors — including numerous Jewish nonprofits and individuals — of an estimated $50 billion has agreed to waive his right to a grand jury review of accusations against him, according to federal court filings in Manhattan, media reports said.

The agreement makes a plea deal more likely for the disgraced financier, who was arrested Dec. 11 and confessed to his crimes.